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Report Date : |
26.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
INTERPLAST COMPANY LTD |
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Registered Office : |
Industrial Area
No. 1 PO Box 4679 Sharjah |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
22.02.1982 |
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Com. Reg. No.: |
7946, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of PVC compounds. |
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No. of Employees : |
1,800 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UAE - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and
a sizable annual trade surplus. Successful efforts at economic diversification
have reduced the portion of GDP based on oil and gas output to 25%. Since the
discovery of oil in the UAE more than 30 years ago, the country has undergone a
profound transformation from an impoverished region of small desert
principalities to a modern state with a high standard of living. The government
has increased spending on job creation and infrastructure expansion and is
opening up utilities to greater private sector involvement. In April 2004, the
UAE signed a Trade and Investment Framework Agreement with Washington and in
November 2004 agreed to undertake negotiations toward a Free Trade Agreement
with the US; however, those talks have not moved forward. The country's Free
Trade Zones - offering 100% foreign ownership and zero taxes - are helping to
attract foreign investors. The global financial crisis, tight international
credit, and deflated asset prices constricted the economy in 2009. UAE
authorities tried to blunt the crisis by increasing spending and boosting
liquidity in the banking sector. The crisis hit Dubai hardest, as it was
heavily exposed to depressed real estate prices. Dubai lacked sufficient cash
to meet its debt obligations, prompting global concern about its solvency. The
UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In
December 2009 Dubai received an additional $10 billion loan from the emirate of
Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing inflation
pressures are significant long-term challenges. The UAE's strategic plan for
the next few years focuses on diversification and creating more opportunities
for nationals through improved education and increased private sector
employment.
Source
: CIA
Company Name : INTERPLAST COMPANY LTD
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 22nd February 1982
Commercial Registration Number : 7946, Sharjah
Trade Licence Number : 3155
Chamber Membership Number : 3790
Issued Capital : UAE Dh 100,000,000
Paid up Capital : UAE Dh 100,000,000
Total Workforce : 1,800
Activities : Manufacturers of PVC compounds.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : John Korean, Finance Manager
INTERPLAST COMPANY LTD
Location : Industrial Area No. 1
PO Box : 4679
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5339090 / 5596887 / 5377681 /
5371599 / 5324404
Facsimile : (971-6) 5336905 / 5596905
Email : interplast@emirates.net.ae / john@interplast-uae.com
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Sharjah.
Name Position
·
Harout
Ohanesian Chairman
·
Sheikh Suroor
Al Dhaheri Managing
Director
·
H.E.
Juan Salem Al Dhaheri Director
·
Bedross
Bombakian General
Manager
·
John
Korean Finance
Manager
·
K H M
Bashir Administration
Manager
·
Farahat
Kiwan Public
Relations Manager
·
Humayun
Akhtar Production
Manager
Date of Establishment : 22nd
February 1982
Legal Form :
Limited Liability Company
Commercial Reg. No. : 7946, Sharjah
Trade Licence No. : 3155
Chamber Member No. : 3790
Issued Capital : UAE Dh 100,000,000
Paid up Capital : UAE Dh 100,000,000
·
Harwal
Company 29.5%
Cyprus
·
Al
Ahlia Trading & Industrial Ltd 24.0%
·
Gulf Investment
Corporation (GIC) (Al Khaleej
Investment Est) 23.5%
Kuwait
·
Al
Dhaheri Group 13.0%
·
Emirates
Industrial Bank 10.0%
·
Cosmoplast
Industrial Limited WLL
Sharjah Industrial Area No. 2
PO Box: 6032
Sharjah
Tel: (971-6) 5331264
Fax: (971-6) 5331917
·
Inter
Metal Ltd
Sharjah Industrial Area No. 1
PO Box: 22285 & 4679
Sharjah
Tel: (971-6) 5322462
Fax: (971-6) 5337271
·
Mayfair
International Sales Italia Srl
Via Porpora 5
Milan 20131
Italy
Tel: (39-2) 26147455
Fax: (39-2) 2828582
·
US
Polymers Inc
6915 East Slauson Avenue
Commerce
CA 90040
United States of America
Tel: (1-213) 7283023
Fax: (1-213) 7282823
·
International
Plastics Centre LLC
PO Box: 8923
Riyadh 11493
Saudi Arabia
Tel: (966-1) 2267110
Fax: (966-1) 2267110
·
Interplast
SA
8 Rue de l’Ancienne
Comedie
75006 Paris
France
Tel: (33-1) 46342374
Fax: (33-1) 43264320
Activities: Engaged in the manufacture of polyvinyl
chloride (PVC) compounds suitable for the production of both
rigid and flexible pipes in
all specifications, mineral water bottles (under licence from Dun Plastique of
France), oil and other
crystal bottles, thermoformed cups and trays, as well as flexible PVC hoses.
Subject also specialises in
the extrusion and production of conduit fittings and cable coverings.
The company gained ISO 9001 Certification in December 1997.
Production
Capacity: 65,000 metric tonnes per annum
Clients :
·
Majed
Plastic Containers Trading Dubai,
UAE
·
Al
Ghazal Trading Est Ajman,
UAE
·
Asia
Plastic & Packaging Factory Saudi
Arabia
Import
Countries: The Netherlands,
Belgium, the United Kingdom and Saudi Arabia.
International
Suppliers:
·
N.C.
Trading Holland BV Netherlands
·
Haagan
Chemie Netherlands
·
Mitsui
& Co Benelux SA Belgium
·
Exxon
Chemicals International Inc Belgium
·
ICI
Chemicals-Polymers (UK) United Kingdom
·
Sabic
Marketing Saudi
Arabia
Export Countries
: Subject exports to
neighbouring Arab states, Africa, South-East Asia and Europe.
Brand Names : IP-HARWAL, DECODUCT, DECOFORM, DECOPACK,
EDISON, FLEXIPACK and
INTERGARD.
Operating Trend: Steady
Subject has a
workforce of approximately 1,800 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales UAE Dh
1,025,000,000 UAE Dh
1,060,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr John Korean, Finance Manager.
·
ANZ
Grindlays Bank Plc
Al Boorj Avenue
PO Box: 357
Sharjah
Tel: (971-6) 5359998
Fax: (971-6) 5357046
·
United
Arab Bank
PO Box: 881
Sharjah
Tel: (971-6) 5354111
No complaints
regarding subject’s payments have been reported.
Credit amount 917,000 103,000
Amount overdue 0 0
Payment terms 60
days 90
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
complaints No
complaints
Currency Euros Euros
During the course of
this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.69 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.86.30 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.